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Cannabis Summary for July 30, 2021

2021-07-30 20:02 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost 3.93 to 172.17, while the CSE Composite Index added a fraction to 705.56. South of the border, lawmakers in Ohio have filed the state's first ever bill to legalize recreational cannabis. "It's time to lead Ohio forward," declared Representative Casey Weinstein, who introduced the 180-page bill alongside Representative Terrence Upchurch in the Ohio House of Representatives. Both men are Democrats, and both are undoubtedly aware that their bill faces an uphill battle in the Republican-controlled Ohio legislature. The state only barely legalized medical cannabis in 2016 and Governor Mike DeWine is vocally opposed to going any further.

Despite the long odds for recreational legalization, Ohio has attracted rising interest from MSOs (multistate operators) in recent months, thanks to fast-climbing participation in the medical program. Data from the state regulator showed over 215,000 registered patients as of July 19, up from 160,000 at the start of this year and 78,000 at the start of last year. In the last five months, MSOs that have expanded in Ohio include Jushi Holdings Inc. (JUSH: $6.17), Columbia Care Inc. (CCHW: $6.00), Cresco Labs Inc. (CL: $13.30) and Verano Holdings Inc. (VRNO: $19.30).

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